Bank of New York Mellon Corp Increases Stock Position in Atlassian Co. (NASDAQ:TEAM)

Bank of New York Mellon Corp lifted its holdings in shares of Atlassian Co. (NASDAQ:TEAM - Free Report) by 3.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 783,688 shares of the technology company's stock after acquiring an additional 26,555 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.30% of Atlassian worth $138,619,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Atlassian during the 4th quarter valued at about $247,740,000. Price T Rowe Associates Inc. MD raised its position in shares of Atlassian by 8.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 11,141,645 shares of the technology company's stock worth $2,173,847,000 after acquiring an additional 904,138 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Atlassian in the 2nd quarter valued at approximately $91,072,000. Vanguard Group Inc. boosted its position in shares of Atlassian by 3.4% during the fourth quarter. Vanguard Group Inc. now owns 15,355,652 shares of the technology company's stock valued at $3,652,495,000 after purchasing an additional 504,181 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new stake in Atlassian in the first quarter worth $55,307,000. Hedge funds and other institutional investors own 93.03% of the company's stock.

Atlassian Stock Performance

TEAM stock traded down $0.70 on Tuesday, hitting $164.32. The company had a trading volume of 1,503,612 shares, compared to its average volume of 1,793,412. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95. Atlassian Co. has a 12-month low of $135.29 and a 12-month high of $258.69. The stock has a market cap of $42.73 billion, a price-to-earnings ratio of -260.83 and a beta of 0.74. The stock's 50-day simple moving average is $165.89 and its 200 day simple moving average is $180.78.

Atlassian (NASDAQ:TEAM - Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The technology company reported $0.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.07. The firm had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.13 billion. Atlassian had a negative return on equity of 17.69% and a negative net margin of 6.89%. The company's revenue for the quarter was up 20.5% on a year-over-year basis. During the same period last year, the business posted ($0.21) EPS. As a group, equities research analysts expect that Atlassian Co. will post -0.57 earnings per share for the current fiscal year.

Analysts Set New Price Targets

TEAM has been the topic of a number of recent research reports. BMO Capital Markets reduced their target price on shares of Atlassian from $220.00 to $177.00 and set a "market perform" rating on the stock in a research report on Friday, August 2nd. Mizuho decreased their target price on shares of Atlassian from $225.00 to $220.00 and set an "outperform" rating for the company in a research note on Tuesday, July 16th. Truist Financial dropped their price target on Atlassian from $200.00 to $160.00 and set a "hold" rating on the stock in a research report on Friday, August 2nd. Barclays cut their price target on Atlassian from $275.00 to $250.00 and set an "overweight" rating on the stock in a research note on Monday, August 5th. Finally, Capital One Financial raised Atlassian from an "equal weight" rating to an "overweight" rating and set a $211.00 target price on the stock in a report on Thursday, July 11th. Ten equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $217.69.

Insider Buying and Selling at Atlassian

In other Atlassian news, CEO Scott Farquhar sold 8,241 shares of the stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $157.52, for a total value of $1,298,122.32. Following the transaction, the chief executive officer now directly owns 127,461 shares in the company, valued at $20,077,656.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CTO Rajeev Bashyam Rajan sold 199 shares of Atlassian stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $146.08, for a total transaction of $29,069.92. Following the transaction, the chief technology officer now directly owns 128,957 shares of the company's stock, valued at approximately $18,838,038.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Scott Farquhar sold 8,241 shares of the stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $157.52, for a total transaction of $1,298,122.32. Following the completion of the sale, the chief executive officer now directly owns 127,461 shares of the company's stock, valued at $20,077,656.72. The disclosure for this sale can be found here. Insiders sold a total of 248,693 shares of company stock worth $41,424,840 in the last three months. 40.48% of the stock is currently owned by company insiders.

About Atlassian

Atlassian Corporation, through its subsidiaries, designs, develops, licenses, and maintains various software products worldwide. Its product portfolio includes Jira Software and Jira Work Management, a project management system that connects technical and business teams so they can better plan, organize, track and manage their work and projects; Confluence, a connected workspace that organizes knowledge across all teams to move work forward; and Trello, a collaboration and organization product that captures and adds structure to fluid and fast-forming work for teams.